Detailed Summary

Amends the Andean Trade Preference Act (ATPA) to extend the ATPA program through December 31, 2009.

Extends through FY2010 preferential treatment for apparel articles assembled in one or more beneficiary countries from regional fabrics or regional components, and specified other type apparel (brassieres).

Amends the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act to direct the Secretary of Commerce to establish a program to provide earned import allowance certificates to any producer or entity controlling production of eligible apparel articles in an eligible country, based on specified elements.

Declares that eligible apparel articles wholly assembled in an eligible country and imported directly from an eligible country shall enter the United States free of duty, without regard to the source of the fabric or yarns from which the articles are made, if such apparel articles are accompanied by an earned import allowance certificate reflecting the amount of credits equal to the total square meter equivalents of fabric in such apparel articles.

Amends the African Growth and Opportunity Act to repeal certain special rules for fabrics and yarns in commercial quantities in Africa.

Adds Mauritius as a lesser developed beneficiary sub-Saharan African country (LDC) for purposes of the application of preferential treatment to apparel articles wholly assembled, or knit-to-shape and wholly assembled, or both, in one or more LDCs, regardless of the country of origin of the fabric or the yarn used to make such articles, that are imported into the United States.

Directs the U.S. International Trade Commission (ITC) to review, identify, and report to the appropriate congressional committees and the Comptroller General on yarns, fabrics, and other textile and apparel inputs that through new or increased investment or other measures can be produced competitively in beneficiary sub-Saharan African countries.<br>

Amends the Trade Act of 1974 to extend the Generalized System of Preferences program through December 31, 2009.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend certain customs fees for the processing of merchandise entered into the United States.

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase by 2.25% the amount in effect on the date of enactment of this Act of any corporate estimated tax installment otherwise due by a corporation with assets of not less than $1 billion in July, August, or September 2013.<br>

Status of the Legislation

Latest Major Action: 10/7/2008: Presented to President.

Points in Favor

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Points Against

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